The elections of the Board of Directors of the Egyptian Mortgage Finance Federation have resulted in the election of Mohamed El-Kahky, representative of “Tamweel” company, as Chairman of the Board. Marian Fahmy, representative of Qatar National Bank Al Ahli, was elected as Vice Chairman.
This took place during the General Assembly held by the Federation on Wednesday, May 28, with the participation of 36 members representing mortgage finance companies and banks. Thirty members with voting rights were present. The elections were held under the supervision of the Financial Regulatory Authority (FRA) and monitored by an accredited accounting firm.
Eleven members were elected to the new Board of Directors: six representing mortgage finance companies, four representing banks, and one permanent seat held by Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, in accordance with the Federation’s bylaws.
The list of elected members included: Walid Massad (CI Mortgage Finance), Mai Omar (KFHFC), Ahmed Hafez (Egyptian Mortgage Refinance Company), Amal El-Saeed (Egyptian Mortgage Finance Company), Tarek Sabry (Arab African Mortgage Finance), Sherif Ashour (Arab Egyptian Real Estate Bank), Nanis Siam (National Bank of Egypt), and Hassan Talaat (Banque Misr).
Mohamed El-Kahky stated that the new board prioritizes enhancing the operational efficiency of the Federation and developing its resources, noting that the coming period will witness the implementation of several proposed strategies in cooperation with the new members.
He added that the Federation had succeeded in previous years in building a strong institutional infrastructure, enabling it to move forward in developing the sector and addressing obstacles that hinder market growth, in addition to promoting financial awareness.
The Federation is currently working on several initiatives to stimulate mortgage financing mechanisms, in light of declining interest rates and continued initiatives supported by the Central Bank, alongside growing state interest in this sector as a tool to support property ownership.
The Egyptian Mortgage Finance Federation is the official representative of the mortgage finance industry in Egypt. It is overseen by the Financial Regulatory Authority and officially began its operations in 2015 following amendments to Mortgage Finance Law No. 148 of 2001.
